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Online Broker Lets Consumers Choose the Price of Life Insurance

Miami, Florida — An online life insurance firm is breaking new ground with an exclusive web-based system that lets customers choose how much they want to pay for a term life insurance policy. With the introduction of the Select Your Price concept, consumers with tight budgets in a tough economy are in the driverâ??s seat, selecting the price they can afford to pay for life insurance coverage.
â??This is a new and very unique approach for people who want to buy life insurance for their families but have a specific budget in mind,â? says E.C. Gordon, Chief Executive Officer of Cheapest Life Insurance (CLI) â??Life insurance has never been more affordable and with what we call term life insurance on your own terms consumers are totally in charge, naming the price they want to pay and controlling the amount of coverage.â?
Cheapest Life Insuranceâ??s proprietary software system allows buyers to input a monthly price and the quoting technology shops the market of top-rated life insurance companies for the best rates that most closely match the selected amount. The buyer is given a limitless choice of re-calculating the amount of coverage or the length of the term policy until they find the policy that best suits their needs.

Term life insurance is a type of policy that lasts a specific period of timeâ?? from five to thirty yearsâ??with a benefit that is paid out to beneficiaries at the time of the insured personâ??s death.  The Internet is crowded with hundreds of competing health insurance broker firms offering life insurance quotes online. Prospective buyers answer only a few questions— age, gender, smoking habits and the State of residence before receiving numerous quotes from different life insurance carriers. But Cheapest Life Insurance appears to be the first in the market to offer buyers the choice of selecting a monthly price before displaying policy choices.

Mr. Gordon says buyers are reacting positively to the new life insurance shopping concept, especially because the economy is forcing consumers to look for ways to stretch their dollars. Many Americans forego life insurance coverage thinking that it is unnecessary and too expensive, according to the non-profit Life and Health Insurance Foundation for Education. The group sites studies that show 40 percent of adult Americans have no life insurance and over 50 million people in this country lack adequate life insurance coverage. That often leaves families in financial crisis after the unexpected loss of the main breadwinner.

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This entry was posted on Wednesday, June 30th, 2010 at 3:40 am and is filed under Health Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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